ePrivacy and GPDR Cookie Consent by Cookie Consent Black Friday: Great deals or money steals?

Black Friday: Great deals or money steals?

Black Friday is one of the biggest shopping days of the year for all consumers, where all retailers launch unmissable bargains and sales for shoppers.

Mainly utilised for Christmas gifts, some deals can look good at first glance. However, it’s important to remain careful about what you purchase as the savings can simply be an illusion created by the retailers.

By this, we mean that the products may have not ever been far from the price that it is listed as.

Basically, not all promotions are as good as they seem. To help you avoid falling for retailers' best marketing tricks, we have prepared some things to look out for this Black Friday.

“Don’t miss out”

Much like Christmas, Black Friday is not just 'one day' anymore. In fact, it goes on for weeks. So, as much as the deals start in the middle of November, don’t be fooled by thinking you are getting a one day only quick bargain.

Stores begin to advertise these early ‘Black Friday Deals’ in the hopes to attract customers before their competitors and by falling for this marketing technique, you run the risk of losing out on your usual comparison shopping. When stores do this, fear of missing out may pressure you into making a purchase. Don’t fall for it. Waiting a little longer may mean you get a better result.

“Tonnes of incredible items on sale”

It’s very common to assume that Black Friday sales suggest absolute bargains. From technology to fashion, to beauty and toys, these great deals may be a long way from the truth. The stores won't stock all of the items on sale, so don’t be disheartened if the product disappears before you get there.

Again, this may be more complicated than simply being out of stock as the shops want to drive customer demand. For example, they want you to snap the item up as soon as it’s back in stock. Not only does this often lead to disappointment, it can be a huge waste of time and only worth it for a few shoppers.

“Even more discount than before”

To finish Black Fridays for good, retailers may offer even more discounts in the form of gift cards for future use. Although these incentives can feel like an excellent deal, the real purpose is to make you come back shopping again, and maybe spend more than you did previously. Unless you’re using these discounts for things you genuinely need and care about, it can cause you to overspend on items you don’t need. So be savvy.

Posted in Budgeting on Nov 17, 2021.

Jason Bovington

Written by Jason Bovington - COO

Jason became Chief Operating Officer in July 2022. He joined Everyday Loans initially in 2006 as part of the start up team implementing the credit risk strategy and building the analytical capability as Head of Credit Risk and Analytics. In his time with Everyday Loans he has also held the roles of Chief Risk Officer and Chief Credit Officer. Prior to joining Everyday Loans Jason spent 10 years at HFC Bank with his last role there being Credit Risk Director and prior to that he was part of the Credit Risk team at Lloyds TSB.

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